A company has 2,000 shares of $2 par value common stock and 250 shares of 7.5%, $100 par, noncumulative preferred stock outstanding. The balance in Retained Earnings at the beginning of the year was $575,000. Net income for the current year was $350,000. If the company paid a dividend of $2.75 per share on its common stock, what is the balance in Retained Earnings at the end of the year?